-- Strong growth in reported turnover, and positive organic growth
-- Operating profitability in line with objectives
-- Decrease in net financial debt and improved debt ratio
-- Integration of France Champignon and roll-out in Brazil in line with
objectives
-- Potential acquisition in Russia
-- Significant rebound of the profitability expected in 2011/2012

At its meeting convened on 30 September 2011, the Supervisory Board
examined the
statutory and consolidated financial statements for fiscal 2010-
2011, as
presented by the Executive Board and certified by the company's
statutory
auditors.

For fiscal 2010-2011 (1 July 2010 - 30 June 2011), the Bonduelle Group
reported
a consolidated turnover of EUR 1,726 million, up 10.7% on the figure
of EUR
1,559.6 million reported the previous year.

Changes in the scope of the Group's operations-consolidation of
France
Champignon based on a full 12 months of operation, as opposed to 3 months
in the
previous year, and the January 2010 transfer of apple-processing
operations-and
in foreign-exchange rates impacted positively on turnover (+7.7% and
+2.4%
respectively).

On a like-for-like (LFL) basis, group turnover was up 0.6% as opposed to a
2.2%
drop the previous year.

Europe Zone

In the Europe zone-which comprises all of the European Union countries
with the
exception of the Balkan states-the Group reported a 10.5% increase in
turnover,
benefiting from the consolidation of France Champignon operations over a
full
12-month period.

On a LFL basis, year-over-year turnover was stable-in contrast with the
0.8%
decrease in turnover reported in fiscal 2009-2010-, reflecting an
improvement in
consumption and the Group's dynamic development in the region's markets.

The year was marked by the price concessions granted on distributor-
brand
products, negotiated in the spring of 2010, which mainly affected
canned
products. In addition to this price effect, fourth-quarter sales
volumes of
national-brand products were impacted by shortages due to poor harvests
in the
summer of 2010, and to the excellent sales performance of
Bonduelle- and
Cassegrain-brand products. These shortages caused a temporary slow-down
in an
otherwise very satisfactory trend in sales volumes, boosted by the
extension of
the innovative "steamed" range of products.

Frozen-vegetable sales were driven by remarkable growth in both the food-
service
market and the retail market for Bonduelle-brand products in France, but
offset
by the impact of the completion of the process involving the
transfer of
business to the Gelagri joint-venture.

Annual chilled-vegetable sales remained extremely buoyant, showing 4
consecutive
quarters of continuous growth, despite a significant slow-down in
sales in
Germany in the last quarter due to the EHEC bacteria crisis.

Non-Europe Zone

In the Non-Europe Zone, annual turnover was up 11.2%, signalling the return
to a
situation of very strong growth in Russia and the CIS countries. In
North
America, although volumes continued to progress satisfactorily,
sales of
products exported to the U.S. from the Group's Canadian plants were
penalized by
the strengthening of the Canadian dollar against the U.S. dollar.

In Brazil, sales increased in the 4(th) quarter, confirming the
commercial
development expected in that country.

Operating profitability in line with objectives: EUR 80.7 million

Despite a particularly delicate business environment-lowering of
distributor-
brand canned-vegetable prices in Europe; poor harvests in 2010,
resulting in
additional production costs and shortages; unfavourable USD/CAD exchange
rates-
operating profitability amounted to EUR 80.7 million (4.7 % of
turnover), in
line with the March 2011 upwardly revised annual forecast of EUR 78
- 81
million.

The net burden of non-recurring items totalled EUR 11.7 million, and
comprised
for the most part of restructuring costs incurred to enhance
industrial
competitiveness and improve the Group's cost structure.

After deduction of these non-recurring items, operational profitability
amounted
to EUR 68.9 million, which was also perfectly in line with revised
forecasts
(EUR 67-70 million).

Net profit down to EUR 30.4 million

Group net profit, which amounted to EUR 30.4 million as opposed to EUR
58.3
million the previous year, was mainly impacted by the decline in
operational
profitability.

Financial costs amounted to EUR 23.7 million; taxes totalled EUR 14.7
million,
representing an effective tax rate of 32.4 %. Profit from companies
consolidated
using the equity method, comprised for the most part of the profit
from the
Gelagri joint-venture, amounted to EUR 0.1 million, contrasting with
the EUR
0.5 million loss reported at 30 June 2010. This result, achieved in
difficult
market conditions, highlights the relevance of the partnership policy
pursued by
the Group in the frozen-vegetable sector.

At the General Shareholders Meeting scheduled to be held on 8 December
2011, the
Executive Board will recommend a dividend of EUR 1.50 per share (unchanged
from
the previous two years).

Decrease in net financial debt and improved debt ratio

At 30 June 2011, the Group's net financial debt totalled EUR 492 million,
down
EUR 65 million compared to the previous year.

The improvement in the Group's debt ratio-135% in 2009; 116% in 2010;
102% in
2011-reflected an increase in the generation of free cash flow (1) (EUR
60.8
million vs. EUR 51.3 million at 30 June 2010)-despite the decline in
profit-as
well as the Group's strategies to optimize capital employed (lowering of
stock
levels and reduction in customer credit; administrative real-estate
disposal
programme; partnerships in the consumer frozen-vegetable sector in
France and
Spain).

By increasing its long-term debt (through a USD 165 million private
placement
issued in August 2010), the Group was able to increase its average debt
maturity
to 3.5 years thanks to medium- and long-term financing accounting for 90%
of its
financing needs. In so doing, the Group has secured the financing
required for
its operations, and now possesses the financial resources necessary for
it to
pursue its policy on external growth.

Development of drivers of growth and profitability

Despite a decline in profitability in fiscal 2010-2011, the Bonduelle
Group
continued to pursue investments aimed at developing the company and
enhancing
its competitiveness:

-- Extension of "steamed" ranges to include canned- and frozen-vegetable
products;
-- Start-up of industrial and commercial operations in Brazil in
September 2010;
-- Introduction of mechanical mushroom cutting, and development of the
mushroom range under the Bonduelle brand in several European countries;
-- Opening of the largest bagged-salad processing plant in Europe, in
San Paolo, Italy, supporting the Group's growth in the
chilled-vegetables market;
-- Setting up of a 50-50 industrial joint-venture in Spain with Europe's
leading player in the frozen-vegetable market (Ardo), and the
sale of the Group's consumer frozen-vegetable brands in Spain
(Frudesa and Salto);
-- Opening in Picardie (France) of a fully automated high-rise cold
store for the storage and preparation of frozen-vegetable orders.

Potential acquisition in Russia

The Bonduelle Group has entered into exclusive discussions with Cecab
regarding
the latter's Russian agri-industrial and commercial assets (i.e.,
regarding the
acquisition of the d'aucy and Globus brands of processed vegetables) in
Russia
and CIS countries (Community of Independent States).

With a commercial presence in Russia and the CIS countries since the mid-
90s,
and agri-industrial operations in Russia since 2004, Bonduelle now
occupies the
leading position in the canned-vegetables sector in this area.

Supplies to the Group's markets in the region are assured through its
Hungarian
plants (40%) and its Russian plant in Novotitarovskaia (60%), which is
currently
operating at maximum capacity.

To meet the Russian facility's supply requirements, the Bonduelle
Group
operates, through long-term lease agreements, two fully irrigated
kolkhozes
(production farms) of more than 3,000 hectares each, which provide the
Russian
processing facility with 60% of their raw-vegetable needs. These
internally
produced raw-vegetable supplies are supplemented through various external
crop
production contracts.

The Cecab Group, which has had a presence in Russia since 2001, has
invested in
2007 through the construction of a plant in Timachevsk situated 30
kilometres
from the Bonduelle plant.

Additionally, the Cecab Group, through a long-term lease agreement,
operates a
6,000-hectare to supply its plant with raw-vegetables.

The Bonduelle Group has entered into exclusive discussions with the aim of:

-- acquiring the Cecab Group's commercial assets, i.e. sales under the
brands d'aucy and Globus (acquired in 2007);
-- quickly ramping up crop production at the Cecab kolkhoze through an
increase of the production capacity of the Timachevsk facility;
-- capitalizing on the obvious synergies to be gained as a result of the
geographic proximity of the two agri-industrial facilities
(logistics, ...), which are both located in the Krasnodar Krai
(Kuban Province, south of Russia).

This project, which is conditional upon the approval of the Anti
Trust
Authorities, could be finalized in the winter of 2011, with the
operational
phase being implemented in time for the 2012 planting and harvesting
seasons.

Prospects

Despite a consumer climate marked by renewed uncertainty in light of the
current
economic and financial context, the Group is able to confirm its
forecasted
recovery in respect of internal growth (+3 to +5%) and operating
profitability
(EUR 95 - 100 million expected at June 30 (th )2012, i.e. +40 %)
including a
strong growth of marketing investments (about 10 million euros).